BROKEN ARROW, OK, January 10, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Clarion Inn/Econo Lodge Broken Arrow, a 187-room, dual-branded hospitality property located in Broken Arrow, Oklahoma, according to Timothy A. Speck, regional manager of the firm’s Dallas office and broker of record for Texas and Oklahoma.
Hussain Shaik, associate and investment specialist in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, Vikesh Patel. The buyer, a private investor, was secured and represented by Hussain Shaik, with Speck aiding in closing this transaction as a broker of record. Chris Gomes, senior managing director, Skyler Cooper, senior vice president, and Allan Miller, senior vice president, were also listed on the deal as supporting brokers.
"Working with Hussain and the Marcus and Millichap team has been a great experience,” Patel explained. “When our property was pending, there were some stressful and frustrating times, but Hussain was a calming voice through it all. His knowledge and resourcefulness really helped get us to the end result we were happy with."
Clarion Econo Lodge Broken Arrow is located at 2600 N Aspen Ave in Broken Arrow, Oklahoma. The 187-room, dual-branded hotel is situated on a four-acre lot just off Highway 51.
The buyer noted that "Hussain did an excellent job shepherding this complicated transaction to closing. He made himself available day and night to lend insights, leverage his resources, and overcome obstacles to help bring this deal to the finish line."
The Miller-Gomes Hotel Team of Marcus & Millichap has sold over 540 hotels across the nation since its inception. The team has over 50 active listings across 18 states with 28 assets under contract and 102 closings in 2022.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
